Budget for 2023 is 9% higher than that allocated for this year
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Loading... - Justin Black
- 29 Aug 2022
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The Executive Branch sent to the Congress of the Republic the draft Budget, Indebtedness and Financial Balance Laws of the Public Sector for Fiscal Year 2023.
The draft Budget Law, the result of coordinated work with all sectors of the Executive Branch, proposes that the Opening Institutional Budget (PIA) for 2023 amount to 214.8 billion soles, which represents 21% of the gross domestic product ( GDP).
Likewise, this amount represents a growth of 9% (17,788 million soles) in relation to the approved budget for this year.
The draft Budget Law prioritizes the Education (19.5% of the PIA), Health (11.5%) and Transportation (9.5%) sectors; which concentrate 40.6% of the PIA 2023.
The proposal also gives priority to the budget for the functions of Social Welfare (6.7%) and Public Order and Security (6.7%), which represent 13.4% of the 2023 PIA.
“The increase in the Budget is 9% but, in real terms, it means an increase of around 4%. This increase is possible thanks to the evolution of the economy, the significant tax revenues resulting from mineral prices that remain at interesting levels, and the economic reactivation plan that we are about to present," said the Minister of Economy and Finance, Kurt Burneo.
The 2023 Budget has a more decentralized approach, granting more resources from the opening to regional and local governments. According to the proposal, the resources allocated to regional governments will grow by 16.4%, while those directed to local governments will increase by 38.1%. Read More…
